Bank of Baroda Home Loan Balance Transfer

Bank of Baroda, the largest Public Sector Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Bank of Baroda at lowest interest rates. To transfer your housing loan to Bank of Baroda, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of Bank of Baroda.

Before you decide to transfer your home loan to Bank of Baroda, compare and calculate all the costs of loan transfer. The table below mentions Bank of Baroda home loan transfer interest rate and other home loan transfer charges of Bank of Baroda.

To transfer your existing home loan to Bank of Baroda, you need to follow the steps as mentioned below:

• Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Bank of Baroda upon receipt of the loan amount.
• On the review of your application, your bank will issue a No Objection Certificate (NOC).
• Submit the NOC to Bank of Baroda and request them to transfer your loan and pay off your outstanding amount to the existing bank.
• Bank of Baroda will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
• Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
• Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
• Finally, your home loan transfer to Bank of Baroda will be completed.

To transfer your home loan to Bank of Baroda, you must fulfil the following eligibility criteria:

• You must have an existing home loan with any bank except for Bank of Baroda.
• You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Bank of Baroda.
• You must be an Indian resident and fulfil the age criteria of Bank of Baroda. The minimum & maximum age to avail a Bank of Baroda home loan is 21 and 60 Years respectively.
• You must have paid more than 12 EMIs on your home loan.

Here are key features of Bank of Baroda Home Loan Transfer:

• Lower Interest Rates: Bank of Baroda offers lower home loan rates starting at 6.75% along with ₹ 10,030 processing on home loans. Thus, you can save on your home loan by transferring your loan to Bank of Baroda.
• Top-up Loans: If you have a good CIBIL score & fulfil the eligibility criteria of Bank of Baroda, you can also avail top-up loan above your existing home loan.
• Extended Loan Tenure: With Bank of Baroda home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the Bank of Baroda.

To avail of home loan balance transfer from Bank of Baroda, you need to submit the following documents to Bank of Baroda.

✅Is it good to transfer a home loan to Bank of Baroda?

Yes, transferring your home loan to Bank of Baroda is a good idea for home loan borrowers as Bank of Baroda provides lower home loan rates starting at 6.75%.

✅How can I transfer my Bank of Baroda home loan from one branch to another?

To transfer your Bank of Baroda home loan from one branch to another, you can place your request through net banking/mobile banking. Bank of Baroda also allows the home loan transfer facility through phone banking by calling home loan customer care.

✅Are there any charges while applying for Bank of Baroda home loan balance transfer?

Yes, Bank of Baroda charges home loan transfer fees such as ₹ 10,030 for Bank of Baroda home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

✅What are the benefits of taking a Bank of Baroda home loan balance transfer?

If you apply for a home loan transfer to Bank of Baroda, you can clear off your existing home loan at lower rates and save more on interest. Besides that, Bank of Baroda home loan balance transfer can also help you avail top-up on your existing home loan.

✅How can I check the status of my Bank of Baroda home loan balance transfer?

To know your Bank of Baroda home loan status, you can call Bank of Baroda home loan customer care number or visit Bank of Baroda official website to check the status.